Are You Falling For This Living Trust Myth?

A living trust, when used properly, can be an important component of your estate plan. In some cases, it may help to ensure that all of the wishes that you have regarding how your assets pass is covered accurately. However, it can be a big misconception to assume that a living trust negates the need for a will.

It is unlikely that you will put every item that you own into your trust and there’s also the possibility that you could include additional assets between the time you draw up the living trust and the time you pass away. Your lawyer might recommend something that is known as a pour over will, which essentially allows for the transfer of anything that you have excluded. You may still need a will to help incorporate all estate planning concerns since a will is the only place you can name a guardian for your minor children, for example.

When drafted together, your living will and your trust can cover a lot of bases in the estate planning process and can combine with other things, such as a medical power of attorney, a durable power of attorney and a living will to ensure that all of your wishes are followed to the letter. If you have concerns about making sure that your loved ones are put in a good situation when you pass away in terms of the appointment of an executor, the transfer of assets and more, it is important to work directly with an estate planning law firm.

A living trust works well as part of your overall estate plan based on your personal goals. Let our estate planning office help you put it into action.

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